Pakistan’s Sensitive Price Indicator (SPI), which tracks the cost of essential goods, recorded a 0.55% increase in inflation for the week ending November 14, 2024, reflecting a rise in the prices of both food and non-food items.
According to the SPI data, which monitors the prices of 51 key items across 50 markets in 17 cities, several essential goods saw significant price hikes.
The most notable increase was in tomatoes, which saw a nearly 17% rise. Egg prices also increased by 5%, while other items such as garlic, LPG (liquefied petroleum gas), and firewood rose by 4.3%, 4.1%, and 2.07%, respectively.
Additionally, essential kitchen items, including mustard oil, vegetable ghee, and sugar, also recorded price hikes.
Of the 51 items tracked, 24 experienced price increases, accounting for 47.06% of the items, while 6 items (11.76%) became cheaper.
Notable price drops were observed in food items like pulse gram (-2.51%), pulse mash (-0.87%), and bananas (-0.18%), while wheat flour prices remained largely stable.
When compared with the same week in 2023, the SPI showed a more significant year-on-year rise of 4.16%, highlighting the continued pressure on household budgets.
Among the largest year-on-year price increases were pulse gram (up 74.53%), pulse moong (up 38.88%), and powdered milk (up 25.74%).
Other items that saw notable increases included beef (up 23.02%), onions (up 22.78%), and garlic (up 17.41%).
On the other hand, some essential items experienced price reductions over the past year. Wheat flour prices fell by nearly 35%, while the costs of chili powder, tea, and rice also saw double-digit declines.
The SPI’s data also revealed that inflation is impacting all income groups, though the effect is more pronounced among higher-income households.
Consumers in the top 20% income group (Q5) saw a 0.44% increase in weekly prices, while those in the lowest income group (Q1) experienced a higher 0.83% week-on-week rise.
Year-on-year, the inflation rate was most severe for the wealthiest households, reaching 4.75% in Q5, compared to a more moderate 2.33% increase for those in Q1.
The SPI data underlines the ongoing challenges faced by Pakistani consumers as rising prices continue to affect everyday expenses.
